Atlassian (NASDAQ:TEAM) Stock Price Expected to Rise, The Goldman Sachs Group Analyst Says

Atlassian (NASDAQ:TEAM) had its target price upped by The Goldman Sachs Group from $245.00 to $370.00 in a research report report published on Monday morning,Benzinga reports. They currently have a buy rating on the technology company’s stock.

Other research analysts have also issued research reports about the company. Morgan Stanley lifted their target price on Atlassian from $315.00 to $370.00 and gave the company an “overweight” rating in a report on Friday. Oppenheimer increased their target price on Atlassian from $300.00 to $380.00 and gave the stock an “outperform” rating in a research report on Friday. Citigroup increased their price target on shares of Atlassian from $255.00 to $300.00 and gave the company a “buy” rating in a report on Friday, January 17th. Robert W. Baird upped their price target on shares of Atlassian from $175.00 to $200.00 and gave the company a “neutral” rating in a research report on Friday, November 1st. Finally, Raymond James reissued an “outperform” rating and set a $330.00 price target (up from $250.00) on shares of Atlassian in a report on Friday. Eight equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $318.43.

Atlassian Trading Up 1.5 %

Shares of NASDAQ TEAM opened at $311.40 on Monday. The firm has a fifty day simple moving average of $260.51 and a 200 day simple moving average of $208.44. Atlassian has a twelve month low of $135.29 and a twelve month high of $324.37. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.18 and a quick ratio of 1.18.

Atlassian (NASDAQ:TEAM) last posted its earnings results on Thursday, January 30th. The technology company reported ($0.12) EPS for the quarter, missing the consensus estimate of $0.73 by ($0.85). Atlassian had a negative return on equity of 18.00% and a negative net margin of 7.22%. On average, equities research analysts predict that Atlassian will post -0.55 EPS for the current fiscal year.

Insider Activity

In other news, Director Scott Farquhar sold 7,948 shares of the stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $237.04, for a total value of $1,883,993.92. Following the transaction, the director now directly owns 278,180 shares of the company’s stock, valued at approximately $65,939,787.20. This represents a 2.78 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Anutthara Bharadwaj sold 1,659 shares of the firm’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $245.81, for a total transaction of $407,798.79. Following the transaction, the president now directly owns 213,511 shares of the company’s stock, valued at $52,483,138.91. This represents a 0.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 257,935 shares of company stock worth $66,276,511. Corporate insiders own 38.55% of the company’s stock.

Institutional Investors Weigh In On Atlassian

Several hedge funds have recently added to or reduced their stakes in the business. Virtu Financial LLC acquired a new position in shares of Atlassian in the third quarter worth about $606,000. Sequoia Financial Advisors LLC grew its position in shares of Atlassian by 37.0% in the third quarter. Sequoia Financial Advisors LLC now owns 1,925 shares of the technology company’s stock valued at $306,000 after purchasing an additional 520 shares in the last quarter. Fulton Bank N.A. acquired a new stake in shares of Atlassian in the 4th quarter worth $447,000. Paloma Partners Management Co acquired a new stake in Atlassian during the third quarter worth about $1,588,000. Finally, Impax Asset Management Group plc increased its holdings in shares of Atlassian by 590.6% during the 3rd quarter. Impax Asset Management Group plc now owns 37,402 shares of the technology company’s stock worth $5,940,000 after buying an additional 31,986 shares during the last quarter. 94.45% of the stock is owned by hedge funds and other institutional investors.

About Atlassian

Atlassian Corporation, through its subsidiaries, designs, develops, licenses, and maintains various software products worldwide. Its product portfolio includes Jira Software and Jira Work Management, a project management system that connects technical and business teams so they can better plan, organize, track and manage their work and projects; Confluence, a connected workspace that organizes knowledge across all teams to move work forward; and Trello, a collaboration and organization product that captures and adds structure to fluid and fast-forming work for teams.